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Property Related Laws Uttar Pradesh Ministry of Housing and Urban Affairs Real Estate (Regulation and Development) Act, 2016

Uttar Pradesh Real Estate project (Maintenance and operation of separate Bank Account) Revised Directions, 2020

24-Dec-2020 | No. 10460/Seperate Account/F&A/2020-21

The Uttar Pradesh Rear Estate Regulatory Authority has issued Uttar Pradesh Real Estate project (Maintenance and operation of separate Bank Account) Revised Directions, 2020. Highlights of this Directions are as follows: 1. The promoter should open 3 bank accounts namely, Separate Account of the project, Collection Account of the project, and Transaction Account of the Project for the real estate project before applying for its registration with the Authority. Details of these 3 bank accounts should be sent to the authority with the application for registration of the real estate project. 2. Promoter should submit certificates by the Architect, the Engineer, and the chartered Accountant in form REG-1, REG-2, and REG-3 to the bank for withdrawal of amount from the Separate Account of the Project. 3. The promoter should upload the three certificates submitted to the bank on the website of the Authority along with the quarterly progress report of the project. The promoter will also have to submit the data of these three certificates on a digital form for which the facility will be provided by the Authority on its website.

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